Job Market Monitor
In the News
India / Public Sectors Banks (PSU) to hire 56,500 jobs in next 6 months
Public sector banks, from State Bank of IndiaBSE 0.85 % to Allahabad BankBSE 1.79 %, will hire as many as 56,500 people in the next six months in the highest ever recruitment drive by the industry in more than a decade as business grows and the threat of new banks looms as the Reserve Bank … Continue reading
Russia / 1.5M jobs
Russia has 1.5mln vacant jobs for skilled labourers, professionals and intellectuals. It is in particular need of engineers, scientists, mathematicians and IT experts. Deputy Prime Minister for Social Policies Mrs Olga Golodets spoke about this in Paris Saturday at this year’s skilled jobs fair. It is the first time that Russia has taken part. Source: … Continue reading
Raising The Minimum Wage : NYT’s David Leonhardt on the Economic Impact (audio)
In his State of the Union address, President Obama called for Congress to raise the minimum wage. Weekend Edition Saturday host Scott Simon speaks with David Leonhardt, the Washington bureau chief of The New York Times, about the political prospects for such a plan. Click on the image to get to the podcast via The … Continue reading
China / Only 29 percent of the graduate students master’s degrees have found jobs
As the Spring Festival is coming to an end, graduate students may find it harder to get a desirable job than usual, as a recent survey shows that only 29 percent of students with master’s degrees have secured jobs, down from last year. A survey conducted from December last year to January 2013 by My … Continue reading
Massachusetts / Sequestration / 60,000 jobs could be lost
Massachusetts will lose more than 60,000 jobs, much of it in the defense industry, and $127 million in federal research funding, harming a critical sector of the state economy, if Congress allows across-the-board spending cuts to go into effect in March, according to a report released Friday by Representative Edward Markey of Malden. The automatic … Continue reading
Ohio / National Institutes of Health (NIH) cuts would cost 475 jobs in 2013
Unless Congress acts, the mandatory budget cuts ($120 billion per year for 10 years, or $1.2 trillion dollars) enacted by the Budget Control Act of 2011, commonly called the sequester, will take effect March 1, with far-ranging effects across many government agencies and to our great state of Ohio. Among the federal-government agencies affected would … Continue reading
A campaign for Cindy… Unemployed And In Deep Depression /
Cindy* is one of the 30+ scholarship applicants we have received since launching Allies to the Out-of-Work. Being unemployed has thrown her in a deep depression that she can’t seem to shake. She isolates herself in order to avoid the dreaded questions about her tough situation. Harnessing the power of the micro-fundraising site, Indiegogo.com, we launched … Continue reading
Wall St / Layoffs continue
Wall Street may seem like its old self again. Financial giants including Goldman Sachs Group Inc. raked in mega profits in 2012. Bonuses are expected to fatten more Wall Streeters’ pockets than last year. The Dow Jones industrial average has been flirting with an all-time high after topping 14,000 for the first time in half … Continue reading
Spain / Vodafone / 620 layoffs
Mobile phone operator Vodafone (VOD.L) said it had reached agreement with labor unions to lay off 620 workers at its recession-hit Spanish unit, adding to a list of job cuts in Spain’s hard-hit economy. Many companies in Spain, where the unemployment rate already stands at 26 percent, are laying off staff to cut costs. The … Continue reading
US vs OECD / Minimum Wage Is Relatively Low
President Barack Obama proposed last night that the United States raise the minimum wage to $9.00 per hour. While that may seem like a massive raise for low earners — the current minimum wage is $7.25 per hour — we learned that when accounting for the impact of inflation this would be far from the … Continue reading
Health Care / An Economic Stabilizer
From a macroeconomic perspective, the health care sector has functioned for some time as the main economic locomotive pulling the economy along. In the last two decades, it has created more jobs on a net basis than any other sector. Oddly, not much is made of the job-creating ability of the health care sector in … Continue reading
Japan / Growth and Quality of Life
To answer that question, we need to do two things. First, we need a way of measuring the quality of life. Second, we need to distinguish between the effect on quality of life of a country’s level of income and the effect of growth per se. Putting these two things together allows us to formulate … Continue reading
UK / The ‘living standards crisis’
Britain faces a ‘living standards crisis’ as it was revealed that millions of families will never regain the losses they sustained during the financial crisis and recession. Average earnings have sunk to the level they were at 10 years ago as workers are squeezed by a toxic combination of pay freezes and hikes in the … Continue reading
Europe recession deepens: very bad news for everybody
The eurozone suffered its third consecutive quarter of decline at the end of 2012 as exports from leading economies Germany and France sank, deepening a regional recession that has driven unemployment to record highs. Gross domestic product in the 17-nation euro area fell by 0.6% in the fourth quarter, leaving the eurozone economy 0.5% smaller … Continue reading
US / It is a Long-Term Unemployment Crisis
The rate of short-term unemployment—six months or less—is almost back to normal. In January it was 4.9 percent of the labor force. That’s only 0.7 percentage point above its 2001-07 average. But the rate of long-term unemployment, 3 percent in January, is precisely triple its 2001-07 average, according to a Bloomberg Businessweek calculation based on Bureau of Labor … Continue reading
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